Consolidated net profit plunged to 1.53 billion rupees ($18.48 million) for the three months ended Dec. 31, from 2.28 billion rupees Indian healthcare group Apollo Hospitals Enterprise Ltd reported a 33% drop in the third-quarter profit on Tuesday, hurt by weakness in its digital business.
Consolidated net profit plunged to 1.53 billion rupees ($18.48 million) for the three months ended Dec. 31, from 2.28 billion rupees, a year earlier, as total expenses surged about 22% to 40.12 billion rupees.
The Chennai-based company recorded a loss of 215.4 million rupees related to its joint ventures. The company's digital health business, which houses the Apollo 24x7 operations, recorded a 34.5% jump in revenue to 17.58 billion rupees, but posted a loss of 742.3 million rupees, compared to a profit of 321 million rupees a year earlier.
Total revenue from operation increased 17% to 42.64 billion rupees. India's Apollo has been expanding its presence in the domestic healthcare market through mergers and acquisitions.